If U.S. central bank delays plans to raise rates, it will be because of overseas events

The Federal Reserve must wish the U.S. economy was still a world within itself. Unfortunately, the rest of the world keeps getting in the way.

The projections that Fed policy makers released when they raised rates in December sent a strong signal they planned to further tighten at every other one of their meetings this year, with the next rate increase coming in March. The global-markets rout now makes that timetable look iffy. So...